VAT- Value Added Tax
Persons liable to pay tax under the VAT Acts of their respective States are required to register under the Act. On registration, a VAT number, known as VRN (VAT Registration Number) in common parlance is allotted to the applicant.
The following provisions are with reference to Punjab VAT Act, 2005:-
In addition to the regular registration, the Act allows a person to take voluntary registration for VAT, provided his turnover is above the specified threshold. However, Casual traders and persons dealing exclusively in tax-free goods are exempted from registration.
TOT: TURNOVER TAX
There is a composition scheme for small traders if they are doing business within the state only and are not registered under the Central Sales Tax Act. They can get registered for TOT (Turnover...
